M&S Credit Card Intrest

tedglen

Hello sorry - I am planning on having 3000 on my M&S card for approx 3 months. Not sure what the APR is, but how much interest will I be charged each month.

Thank you

[Deleted User]

You'll be charged the monthly rate on the daily outstanding balance.

So if it's a 1% monthly rate, then around £30 a month (decreasing as you pay it off). 2% would be £60 and so on.

_Andy_

tedglen wrote: »

Hello sorry - I am planning on having 3000 on my M&S card for approx 3 months. Not sure what the APR is, but how much interest will I be charged each month.

Thank you

How are we supposed to know when you don't know the APR?

tedglen

sorry its 15.9 percent apr

CLAPTON

approximately 3000 x 15.9% x 3/12 = £120

tedglen

£40 per month ?

Mirno

The monthly interest is approximately %1.237 per month (this 12 identical months per year).

The formula is:
(((APR / 100) + 1) ^ (1/12)) - 1

So:
1.159 ^ (1/12) = 1.0123723760382059572318042812538
1.1237... - 1 = 0.01237...
= 1.237% per month.

The same formula works for daily interest, replace the (1/12) with (1/365). This is approximately 0.04% per day, so for 90 days, your interest payable will be
((1 + 0.0004) ^ 90) - 1 = 3.7%
= £111.16

Mirno

tedglen

how much would a balance transfer cost me ?

[Deleted User]

Typical fee is 3-4%.